Then walmarts answer to amazon prime, we will give you a breakdown of what is included an whats not and finally, white house chief of staff mark meadows will join us live, we will talk stimulus, covid19 and the unrest across the nation thats happening toward the top of this hour and you will not want to miss that. Carl kayla, david, guys, everybody is taking stock of the journey we have had not just in august for stocks, but for the past five months, the dow best fivemonth gain since 2009, for the s p the best five months since 1938 and as we said at the top, david, we are heading into historically the worst month not just in general, but especially during election years, september and october have averaged negative returns and we will talk to mark meadows about politics which are increasingly going to be part of the picture here yeah, no doubt. I think you heard it with the last guest who appeared on squawk box at the very end of that show. We are entering what conceivably could be a very tumultuous period, not to mention the Election Night itself potentially. I will defer to kayla on a lot of this, but that could be very difficult to ascertain at some point. So that certainly is going to become more of the mix here in terms of how investors do things, but for now, carl and kale larks i mean, were coming off this period, as you said, august up over 7 and, you know, i hear this more often than not now, which is, man, this is looking this puts 1999 to shame in some ways you know, i think you always want to make comparisons, some are apt and other parts of it arent we are talking now about some of the greatest companies we have ever seen created in this country as opposed to that period where there was so much speculation in Business Models that had no business at all. Thats not the case for apple or for amazon or for tesla even but the moves in the stocks are truly extraordinary and tesla and apple of course after the splits yesterday, i mean, 464 billion market value for tesla and mr. Musk, of course, his net worth now, what, 120 billion. It is staggering not to mention the performance of zoom in morning as well, another example of the stay home economy that is outperforming even the highest expectations in terms of earnings. But there are certainly, david, haves and have nots, you mentioned the high flyers in the Tech Industry, there are certainly many legacy names in the industrial space that have not seen those gains that you just mentioned, but the white house does view it as a tailwind the president yesterday at his briefing talked about the gains that we saw in the stock market in august as something that was good for the economy even as data from the Federal Reserve shows that its really the wealthier part of this nation that has been able to benefit. The fed says that the top 1 of earners in this country hold more than 50 of stocks right now, the top 10 of earners hold 87 of stocks. So certainly all of these gains, carl, you mentioned, best gain for the s p since 1928 according to bespoke that is certainly something to take note of, but its also worth noting who is benefiting from this, how it really helps the underlying economy and what the underlying economy actually looks like just this morning barclays is out with a note trying to estimate the impact on gdp from parents who are working from home having to manage Virtual Learning they say its something in the line of half of a percentage point for the calendar year, but then it could be as much as 2 Percentage Points for the third quarter, 3. 5 Percentage Points for the Fourth Quarter were trying to figure out what this brave new world we live in actually means for the underlying economy if we cant look to the stock market as a guide there, carl. No, absolutely not. And if jim were here he would say once again what a huge blind spot we are dealing with if all you go by is the performance of public equities. Journal, david, this morning with a piece about evictions starting to ramp up now that the moratoriums are beginning to expire and the economy continues to open. Were also struggling to your point, david, about how we value some of these names that we knew had an upward trajectory but there is no sense as to how far that actually goes zoom is a great example today. The quarter last night, the performance before the bell, goldman this morning, Heather Bellini going from sell on zoom, sell, to neutral saying although theyve been positive on the company we are theres clearly no telling where the limits are on valuation and part of that may be froth, part of it may be the fact that their customer count they are Enterprise Business and consumer business is performing in ways we could not have imagined. Yeah, and, you know, valuation youd like it to come into the conversation to some extent, i think there are listen, weve talked about it a lot, but it is such an important component of the moves that weve seen, the new investors who are joining this market and have done so over the last number of months, who are piling into some of these names and seeing great profits as a result to some extent, but valuation does have a way of coming back at some point and being meaningful its not clear that thats the case now and, by the way, in a name like zoom where revenues were greater in the last quarter than they were for all the revenues brought in last fiscal year, where adjusted net income was more than double what it earned in all of last year, i mean, its going in the right direction. It is it is not exactly disappointing in any way, but to your point, carl, the multiples in many of these names even in an apple which is the Largest Market Cap Company in the world at over 2. 2 trillion has moved up dramatically. Now, in an environment where rates are near zero and potentially will stay there for a long period of time where there is an inability to find a return in most or any other markets, it is perhaps not unexpected that would be the case, but you still have to at least keep it in mind. Look at the onemonth, kayla, move in apple, 23 23 off of what was already a trillion 7 or trillion 8 market cap at that point. Its stunning. And its hard to see what could slow that gain, david. I mean, weve just sustained the worst headline cycle in decades for this country or for at least a decade and these stocks are on a tear there is nearly nothing that can stop them and while strategists say that we are overdue for a sort of garden variety pull back its hard to see what is out there on the horizon that would actually cause that to happen. We are going to get a jobs number this friday, we will see whether it shows sustained growth of more than a million jobs in this country for the third month in a row and we will see what the underlying economy looks like, again. But it is hard to see if investors are willing to put their money into these companies because they cant get returns everywhere, because they are aspirationally hoping for products that they are yet to release for targets they have yet to deliver on, then what actual data, what actual announcements could actually cause that pull back carl, its really impossible to see. No, i know. I mean, look at the classic some of the classic tells, kayla, that we normally look at that would imply a bit of a pull back a split not happening with apple or tesla certainly an additional equity raise which of course tesla announces today up to 5 billion in new common in this 8 k. Still up after a 12 gain on monday after a 74 gain in august, making it the best performing stock of the month so we have not just big players, but big players that are defying the laws of gravity in many ways, tayda kayla. One thing we keep hearing over and over again is the market has priced in a new stimulus package, we have yet to see that, but we have someone who is leading the negotiations on behalf of the white house that we want to turn to right now. Standing on the north lawn is the white house chief of staff mark meadows joining us now. Chief, good to see. You great to be with you. Thanks so much so in the last couple of days both you and the House Speaker have accused each other of putting up a number that youre negotiating but not filling it in with programs when i spoke to the pelosi camp yesterday they said the way that they see this negotiation going is having the two sides agree on a price tag and then backfilling it from there. Is that a workable approach to you . Well, its not a workable approach because thats not the way that you actually arrive at any kind of a number generally what you do is you say you have a certain amount allocated for this program, another amount for another program and as you do that you build it from the ground up. Thats what weve been trying to do, base it on facts, base it on actually the costs associated with each program. I think thats been the frustration. I will say this, as weve had discussions about democrats on capitol hill, as weve continued our discussions with republican senators, were making Real Progress and i will say that as we look at the number of things that we actually agree to and the amounts of money allocated to those areas, probably the biggest stumbling block that remains is the amount of money that would go to state and local help the speaker is still at 915 billion which is just not a number thats based on reality and certainly not a number that represents the lost revenues for state and local governments. Well, what is a number on that specific line item that you think the president would get on board with that could also secure the republican votes in the senate to pass is there a number that youre discussing behind closed doors well, we actually have talked about giving great flexibility for the 150 billion that was allocated in the previous c. A. R. E. S. Act in addition to another 150 billion that would go there, which would overall give 300 billion in terms of flexibility and additional funds to state and local, which should represent the actual loss that we see if you take the gdp reduction that weve experienced over the last quarter and based on projections now, that should indicate about a 275 billion loss in revenues, thats what were trying to address, and im willing to look at the facts secretary mnuchin has been very clear that hes willing to look at the facts and right now it doesnt need to be a bailout as much as it is just an additional help to provide some stability to those local governments that have lost revenue during this unprecedented time that being said, you know, were making Real Progress with some of the democrats on capitol hill theyve had some very thoughtful recommendations that weve actually been able to have real discussions behind closed doors and i think as leader mcconnell and senator barrasso have mentioned, the Senate Republicans will be returning, theyve been working around the clock each and every day we have a call to talk about where we can find consensus there. I expect them to pass a bill or at least put forth a bill in hopes of getting to that 60vote threshold sometime next week so were expecting something to come out next week when the Senate Returns from its work period do you think that that proposal that will see the light of day will approach the 500 billion skinny proposal we have heard about or will it be closer to the speakers 2 trillion benchmark for you . Well, i dont see a 2. 2 trillion benchmark actually happening mainly because its not based on facts and its not based on the reality its real easy to put a number out there and say that this is reasonable its much more difficult to actually look at it and support it with actual numbers and so thats where the Senate Proposal is looking at a more targeted bill as they look at maybe a 500 billion bill, but if we can add from that and use that as a foundation or at least pass that, knowing that we will largely agree on that targeted proposal coming from Senate Republicans, lets go ahead and get what we agreed to off the table, passed, signed into law and continue to negotiate on those things that perhaps might separate the two parties mark, leader mcconnell has talked about some of his caucus worried about the deficit, which makes sense, but kudlow talked to politico and suggested that the economy could eek it out without further aid saying there has to be a limit. I wonder on kudlows comment how much of that is informing your negotiations i think the vast majority of our negotiations as secretary mnuchin and i have actually looked at trying to address the needs, we focus real succinctly on those Small Businesses, what can we do to help the Small Businesses continue to operate theres been some discussions as it relates to airlines and what happens there. More broadly than that what do we need to do for enhanced unemployment, what do we need to do for k through 12 and school supplements there and then those direct stimulus checks that we actually put out last time there is a broad agreement on a lot of that and as we look at this the leader mcconnell started out with a 1 trillion goal of putting forth this, were actually north of that by 300 billion right now, but we are nowhere close to 2. 2 trillion and its primarily because the numbers dont support that so im hopeful that we will get everybody back in town and that Senate Republicans will lead the way to breaking this log jam mr. Meadows, what do you say to those who point to the progress that was made in such a rapid amount of time in april, for example, late march and april when we got the first stimulus bill, relief bill, and now. And say, do you know what, the difference is you. Your presence here and i will quote from one of your former colleagues, a democrat jerry connelly, closing deals is not mark meadows strong suit, his whole track record is blow it up what do you say to that . Well, jerry and i actually have worked together on a number of things on postal, im one of the few people that actually put forth a bipartisan bill. What they seem to forget is that i was actually part of the last negotiations on the c. A. R. E. S. 3, secretary mnuchin and i actually worked very late into the middle of the night, i know my particular aspect of that negotiation was working on the testing funding and hospital relief package those two things we were able to get across the finish line listen, anything we set our minds to if we base it on facts we can get it done i can tell you that most of my life i only got paid if i brought two sides together and, you know, when you look at it in that particular venue, it works really well. Listen, theres going to be a whole lot of finger pointing right now, im not trying to point my finger at anybody else other than say give me the facts, we will get there secretary mnuchin and i are willing to meet around the clock. We continue to make overtures to both democrats and republicans and we will get there in the end. Mark, you mentioned last week that the president could potentially take executive action to prevent airlines from furloughing and laying off workers. Where does that effort stand yeah, we are looking very closely at a number of executive actions. I think i was responding to a question that was specifically about some of our airlines and whether we can actually do that to help the airlines or not. Still remains an open question, but the president has been very clear, in fact, i met with him on this very subject yesterday very late. He wants to do whatever he can do to get things done. Hes tasked secretary mnuchin and i could get as creative as we can within the confines of the law to put forth as much money to make sure that we keep this economy going so, you know, we went back to the drawing board last night, again this morning, working on that i will say that when these talks broke down there was one individual that actually worked and got something done and thats the president of the United States and whether it was with enhanced unemployment or any of the other issues that we looked at, it was through executive orders that this president said when congress is not going to act, im going to that still remains on the table and we are looking for a number of options there mark, i want to make sure we talk about vaccines before we let you go, i know youve been sitting in on some of the meetings with operation warped speed and running point for the white house there. There had been some talk about the astrazeneca vaccine, the trial going on in the uk and now the phase three trial thats under way as of last nights announcement here in the u. S last week on cnbc Jared Kushner said there would be 100 million doses of a vaccine available here in the u. S. Before the end of the year. Could you elaborate on that . Is that the astrazeneca vaccine and what is the white house looking for to potentially fast track something . Its not just that particular vaccine. We are looking at actually operation warped speed is taking an unprecedented action to make sure that vaccine is delivered to hundreds of millions of people before the end of the year and so what were doing is actually spending money to produce vaccines, millions hundreds of millions of doses of vaccine while theyre going through the Clinical Trials. So as we get any positive news, whether its astrazeneca or any of the others that are out there, you know, theres multiple candidates that are going through phase three Clinical Trials right now, were actually producing that, which means that we will actually have millions of hundreds of millions of vials of perhaps a vaccine that does not work that gets shelved, but thats why we have to have this as an all hands on deck kind of approach and the reason why Jared Kushner was so right in that description is because were doing that on multiple efforts to make sure that were not waiting for the approval of a clinical three trial to start the manufacturing. Were actually starting the manufacturing in parallel to make sure we can deliver it as quick as we can to the American People its unprecedented in terms of what were seeing, but these are unprecedented times. Okay. To put a quick fine point on this. Sure. Mr. Meadows, do you expect this vaccine to come out before the election or a decision to be made before the election yeah, i can tell you that were trying to do it, it has nothin